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But the prices of none of these items will fall by a staggering amount because the tariffs are already low, at 5 per cent.

And much will depend on Australian retailers and whether they decide to pass those lower costs onto consumers.

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But if we assume that those prices will drop by 5 per cent, that will benefit consumers and people working in the TV and music industry, as well as tradespeople such as hairdressers and household builders.

The executive director of the Australian Retailers Association, Russell Zimmerman, says the agreement will not make a big impact on all consumer goods, because it will depend on whether well-known brand names are manufactured in Japan rather than China.

This would encourage Australians to buy even more Japanese cars, which is something we have been doing in increasing numbers for decades now.

However, any decline in the price of a Japanese car may be washed away by fluctuations in the Australian dollar or a car maker’s decision to make expensive modifications to their vehicles.

So a price fall is not guaranteed.

At any rate, the free trade agreement is not really focused on consumers.

It is far more focused on Australia’s agricultural and mining industries, with the gains from trade for Australian farmers likely to be very big in some cases, particularly when it comes to beef and dairy.

Nationals senator John ‘'Wacka’' Williams says the agreement will lead to good times ahead for Australian beef farmers, particularly as they recover from serious recent drought.

“It’s a win for Australian exports, and especially rural Australia, because the beef industry has had such a horrid time,” Mr Williams told Fairfax Media.

“I have no doubt that when the drought breaks in Queensland and other areas of Australia we’re going to see record beef prices and I hope they remain,” he told Fairfax Media.